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Wet Seal reports same-store sales up 29.8% for Q1

28
May '05
california based specialty retailer the wet seal inc announced a net loss from continuing operations of $8.6 million, or $0.23 per share for the 13-week period ended april 30, 2005.

included in the loss was a $5.2 million charge associated with its previously announced store closures. the current quarter loss from continuing operations compares to a net loss from continuing operations of $15.6 million, or $0.52 per share for the same period last year.

prior year's net loss included a tax benefit of $8.9 million. the company ceased recognizing tax benefits related to its operating losses beginning with its second quarter last year.

results for the 13-week period last year have been restated in connection with the company's review of lease accounting transactions. the current quarter net loss included $0.5 million in non-cash stock compensation charges and $1.0 million in non-cash interest charges. last year's results, in addition to its loss from continuing operations, had a $4.4 million, or $0.15 per share, loss from discontinued operations related to its former zutopia stores.

net sales for the 13-weeks ended april 30, 2005 were $103.8 million, compared with net sales of $99.9 million for the same period last year, a 3.9 percent increase. sales increased over the same period a year ago despite the significant reduction in store count, primarily related to the closure of 153 wet seal stores. the sales increase was a result of a comparablestore sales increase from continuing operations of 29.8 percent for the 13-week period ended april 30, 2005. last year's comparable store sales declined 17.2 percent for the same 13-week period.


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